Correlation Between Pfizer and DEUTSCHE
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By analyzing existing cross correlation between Pfizer Inc and DEUTSCHE BANK AG, you can compare the effects of market volatilities on Pfizer and DEUTSCHE and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Pfizer with a short position of DEUTSCHE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and DEUTSCHE.
Diversification Opportunities for Pfizer and DEUTSCHE
Average diversification
The 3 months correlation between Pfizer and DEUTSCHE is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc and DEUTSCHE BANK AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DEUTSCHE BANK AG and Pfizer is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Pfizer Inc are associated (or correlated) with DEUTSCHE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DEUTSCHE BANK AG has no effect on the direction of Pfizer i.e., Pfizer and DEUTSCHE go up and down completely randomly.
Pair Corralation between Pfizer and DEUTSCHE
Considering the 90-day investment horizon Pfizer Inc is expected to generate 1.26 times more return on investment than DEUTSCHE. However, Pfizer is 1.26 times more volatile than DEUTSCHE BANK AG. It trades about -0.01 of its potential returns per unit of risk. DEUTSCHE BANK AG is currently generating about -0.19 per unit of risk. If you would invest 2,619 in Pfizer Inc on October 28, 2024 and sell it today you would lose (10.00) from holding Pfizer Inc or give up 0.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 84.21% |
| Values | Daily Returns |
Pfizer Inc vs. DEUTSCHE BANK AG
Performance |
| Timeline |
| Pfizer Inc |
| DEUTSCHE BANK AG |
Pfizer and DEUTSCHE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pfizer and DEUTSCHE
The main advantage of trading using opposite Pfizer and DEUTSCHE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer position performs unexpectedly, DEUTSCHE can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in DEUTSCHE will offset losses from the drop in DEUTSCHE's long position.| Pfizer vs. Collegium Pharmaceutical | Pfizer vs. Phibro Animal Health | Pfizer vs. ANI Pharmaceuticals | Pfizer vs. Procaps Group SA |
| DEUTSCHE vs. Valneva SE ADR | DEUTSCHE vs. Life360, Common Stock | DEUTSCHE vs. Viemed Healthcare | DEUTSCHE vs. DHI Group |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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